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Obama Aims for the Money You Don’t “Need”
The Foundry, Heritage ^ | July 13, 2011 | Mike Brownfield

Posted on 07/18/2011 9:00:48 AM PDT by opentalk

Over the past several weeks, America has seen on grand display in Washington a singular mindset emanating from the White House: We must raise taxes so that we can keep on spending. This week, though, America was treated to something different—a glimpse inside President Barack Obama’s mind, a roadmap of his economic worldview. And what was revealed was a philosophy that is fundamentally at odds with America’s job creators.

That insight came during the President’s press conference on Monday in which he broached the subject of raising taxes as part of the debt limit deal:

And I do not want, and I will not accept, a deal in which I am asked to do nothing, in fact, I’m able to keep hundreds of thousands of dollars in additional income that I don’t need, while a parent out there who is struggling to figure out how to send their kid to college suddenly finds that they’ve got a couple thousand dollars less in grants or student loans.

If you read between the lines, which doesn’t take much decoding, President Obama effectively believes that any income you have which you don’t “need” belongs to the government, as writer John Steele Gordon explains in Commentary. And, Gordon writes, Obama’s statement “demonstrates an astonishing economic illiteracy”:

To be sure, someone earning a great deal of money has an income greater than what he spends. . . But, unlike Scrooge McDuck, the rich do not put the excess in a vast money bin and frolic about in it. They invest it. What a concept! Where does Obama think new capital comes from, the tooth fairy?

How much income is too much?

(Excerpt) Read more at blog.heritage.org ...


TOPICS: Constitution/Conservatism; Editorial; Government
KEYWORDS: animalfarm; anticapialist; antifreemarket; bhofascism; casssunstein; communism; democrats; economy; enemywithin; fubo; liberalfascism; nwo; obama; obamatruthfile; redistributewealth; redistribution; regulation; sharedsacrifice; soros; spreadthewealth; stealthewealth; taxes; unamerican; usurper
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1 posted on 07/18/2011 9:00:50 AM PDT by opentalk
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To: All

How can a guy who supposedly studied economics in college be “economically illiterat”?....sarcasm/off...


2 posted on 07/18/2011 9:03:29 AM PDT by Maverick68
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To: opentalk
When you steal the fruits of a person's labor, you remove the incentive to perform that labor. It is none of Obama's business how much people earn. It is not his business to decide how much you "need". If he institutes policies that steal the fruits of labor, the folks producing those fruits will stop working so hard. The "fruits" will disappear and the whole economy will grind to a halt.
3 posted on 07/18/2011 9:04:22 AM PDT by Myrddin
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To: opentalk

That decision is above and perpetually beyond his pay grade.


4 posted on 07/18/2011 9:05:24 AM PDT by RatRipper (I'll ride a turtle to work every day before I buy anything from Government Motors.)
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To: opentalk
Image and video hosting by TinyPic
5 posted on 07/18/2011 9:06:53 AM PDT by b4its2late ("Pray for Obama. Psalm 109:8")
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To: opentalk
If Obama says he doesn't need his extra money why doesn't he just send a few children to college with it? /s

After all, we the taxpayers are paying for everything for him and his gold digging family.

6 posted on 07/18/2011 9:07:03 AM PDT by kcvl
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To: Myrddin
If he institutes policies that steal the fruits of labor, the folks producing those fruits will stop working so hard. The "fruits" will disappear and the whole economy will grind to a halt.

I think he knows this and he's trying to harm us as much as possible. I really do.

7 posted on 07/18/2011 9:07:15 AM PDT by Principled
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To: opentalk

He is going to make a play for the government seizure of people’s IRA’s and 401k’s.


8 posted on 07/18/2011 9:08:40 AM PDT by Publius
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To: opentalk
"From each according to his ability, to each according to his need" Comrade.

Karl Marx would be so proud.

9 posted on 07/18/2011 9:09:15 AM PDT by Marathoner (What are we waiting for? Where are the Articles of Impeachment?)
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To: opentalk
How much income is too much?

Like Howard Cosell used to say, "You can't have too much money."

10 posted on 07/18/2011 9:10:32 AM PDT by Rudder (The Main Stream Media is Our Enemy---get used to it.)
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To: Maverick68

I don’t buy the argument that 0bama doesn’t understand basic economic principles. In fact, I bet he’s counting on them. He’s looking to destroy the economy, while blaming capitalism and corporate greed as the culprits (with help from his buddies in the MSM). Take his statement about how businesses should just hire people. The message is not that his administration has created a hostile business environment, but rather greed business people are just keeping all the profits for themselves!

I believe he aims to fundamentally change our economy into a socialist/fascist government run, centrally planned utopia. The man truly hates America, its past and present, and is doing his best to change its future to something more ‘civilized’ in his mind. Of course, he knows that it requires an englightned class (i.e., him and his fellow Democrat politicians) who because of their superior contribution to the overall welfare of the state and the people deserve a few extra perks. Like flying on the biggest baddes private jet in the world...


11 posted on 07/18/2011 9:10:40 AM PDT by EscapedDutch ("Socialism is great until you run out of other people's money" - Lady Margaret Thatcher)
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To: opentalk
Well that's the thing about income. especially in business, sometimes you do well and sometimes you lose a lot. You need to save during the good times to cover for the bad times. Plus, you need to put money aside during your peak earning years for when you get older and can't work.

Obama is the grasshopper in the old story about the grasshopper and the ants.

12 posted on 07/18/2011 9:11:32 AM PDT by oldbrowser (They're socialists don't call them liberals)
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To: opentalk

Well you are brilliant Obozo! I suggest you use that money you don’t need to buy the fuel you use when flitting around on Air Force One! And limit your flitting around on OUR Plane to the fuel you can afford. Obozo, can you say grounded?


13 posted on 07/18/2011 9:11:37 AM PDT by Red_Devil 232 (VietVet - USMC All Ready On The Right? All Ready On The Left? All Ready On The Firing Line!)
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To: opentalk
Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. - Ronald Reagan
14 posted on 07/18/2011 9:13:20 AM PDT by McGruff (Don't go wobbly on me now GOP leadership)
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To: opentalk

Yeah, would like to know what he deems to be money we don’t need. Maybe we should all make a run on the banks and investment institutions, pull our money out and hide it in the rafters. I don’t trust this SOB as far as I can throw him.


15 posted on 07/18/2011 9:13:34 AM PDT by fatnotlazy
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To: Myrddin
This was the most disturbing part of his press conference.

The real Obama, very creepy. The MSM powers will not cover it. Elizabeth Cheney brought it up on a Sunday morning show. It shows how dangerous this administration is.

16 posted on 07/18/2011 9:14:02 AM PDT by opentalk
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To: McGruff

I love that statement. So true. :)


17 posted on 07/18/2011 9:15:09 AM PDT by fatnotlazy
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To: kcvl

Vote this piece of crap out!


18 posted on 07/18/2011 9:15:29 AM PDT by DooDahhhh (ma)
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To: Maverick68

Because he studied Marxist Economics?


19 posted on 07/18/2011 9:16:16 AM PDT by Kozak ("It's not an Election it's a Restraining Order" .....PJ O'Rourke)
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To: b4its2late

20 posted on 07/18/2011 9:17:42 AM PDT by Paine in the Neck (Napolean fries the idea powder.)
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To: Publius
He is going to make a play for the government seizure of people’s IRA’s and 401k’s.

That's the line that better not be crossed.
21 posted on 07/18/2011 9:17:42 AM PDT by Kozak ("It's not an Election it's a Restraining Order" .....PJ O'Rourke)
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To: Myrddin
"The "fruits" will disappear and the whole economy will grind to a halt."

I'd like to see a strike by all small businesses for ONE WEEK.....

22 posted on 07/18/2011 9:18:44 AM PDT by goodnesswins
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To: opentalk

The Democrats are doing everything that they can to hold back, control, hamper, regulate and steal from businesses and those who start, own and run them. Ergo they are doing everything they cab to destroy the economy.


23 posted on 07/18/2011 9:18:50 AM PDT by all the best
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To: fatnotlazy

Already done. If I don’t need it for daily operations that $$$ is OUT of the banking system completely.


24 posted on 07/18/2011 9:19:32 AM PDT by Centurion2000 (Watch what people DO, not what they say.)
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To: Kozak
He is going to make a play for the government seizure of people’s IRA’s and 401k’s.
That's the line that better not be crossed.

OR ELSE WHAT? Seriously what are you going to do when the federal government comes out and nationalizes your IRA / 401Ks? Guess what. Sure as sunrise in 2013 is it COMING.

Prepare accordingly.

25 posted on 07/18/2011 9:21:18 AM PDT by Centurion2000 (Watch what people DO, not what they say.)
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To: DooDahhhh

“Vote this piece of crap out!”

***

Yes, but replace him with someone who understands capitalism and what makes for a sound economy. That is, please don’t elect Romney or anyone like him.


26 posted on 07/18/2011 9:21:23 AM PDT by fatnotlazy
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To: Kozak

Exactly.
When you are mentored by people who HATE the country, you can’t help but absorb the lessons.


27 posted on 07/18/2011 9:22:01 AM PDT by Maverick68
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To: opentalk
...in fact, I’m able to keep hundreds of thousands of dollars in additional income that I don’t need...

And yet, his tax forms don't reflect that he used that money for any charitable purpose. We don't need the government to handle this, Zero, if you've got hundreds of thousands of extra money that you "don't need," there are plenty of charitable foundations to donate to. Write the checks. But let the rest of us decide what money we do or don't need, and keep your grubby hands out of our wallets.

28 posted on 07/18/2011 9:24:38 AM PDT by Hoffer Rand (There ARE two Americas: "God's children" and the tax payers)
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To: opentalk

I don’t see him passing out any of his millions, and you can bet Pelosi isn’t going to give up what she doesn’t need.

These people talk a good game, but look at the Millionair’s in the Congress.

They aint giving up squat———not out of their pockets.


29 posted on 07/18/2011 9:25:56 AM PDT by Venturer
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To: Centurion2000

I think that will be accompanied by widespread civil unrest. People will not take that lying down. Oh yeah and the stock market will crash hard as people scramble to cash out while they can.


30 posted on 07/18/2011 9:25:56 AM PDT by Kozak ("It's not an Election it's a Restraining Order" .....PJ O'Rourke)
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To: Centurion2000

They have also destroyed housing values and personal equity property wealth. Purposeful energy and inflation erodes other personal saving. Where are the safe havens?


31 posted on 07/18/2011 9:29:48 AM PDT by opentalk
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To: opentalk
Here is the diffierence betwen people:

Chaney gave away most of his money and kept his mouth shut and Obama keeps his and tells the world.

32 posted on 07/18/2011 9:34:43 AM PDT by fini
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To: opentalk
In a nutshell, this is his "WTF" for the United States.

Growing up, my middle-class family, and many others knew there were limitations on what we could do financially. My parents didn't have a robust education, barely finishing high school. We knew deep inside however, that the system was there where if we worked hard enough, we could afford to better our lives. We knew we'd never be able to afford a country club lifestyle, a private college education, and fancy vacations. But we never expected other taxpayers to subsidize any of it, either. I believe that most people understand that, and accept it.

Obama however, is truly endorsing a collectivist' state where the government dictates the money any family needs, and confiscates the rest for the "common good" and to "even the playing field."

33 posted on 07/18/2011 9:40:20 AM PDT by Lou L (The Senate without a fillibuster is just a 100-member version of the House.)
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To: Publius
He is going to make a play for the government seizure of people’s IRA’s and 401k’s.

My thoughts exactly - More "Social Justice" dialectic.

Democrats have already floated a few trial balloons on this subject to plant the idea in peoples' minds.

Savers were once considered to be the backbone of the economic system, preparing for their own futures while providing capital for banks to loan to home buyers, investors and others. But the Government now discourages independance, encourages dependancy on government, and provides loans to those they want to help, regardless of ability or intent to repay.

So in Obamanomics, people who live within their income and accrue savings to provide for their own needs later in life are not considered to be smart and prudent money managers.

They will increasingly be portrayed as hoarders - evilly and greedily holding onto resources needed by others.


34 posted on 07/18/2011 9:44:06 AM PDT by Iron Munro (The more effeminate & debauched the people, the more they are fitted for a tyrannical government.)
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To: opentalk
When it comes to declaring class warfare and taxing the rich and confiscating their extra income, consider the following FYI:

1) According to an article in the Hill, House Speaker Nancy Pelosi's net worth soared from $13.7 million in 2008 to $21.7 million in 2009.

2) In 2005, 7420 federal workers were making $150,000 or more per year. In 2010, a whopping 82,034 federal workers are making $150,000 or more per year. That is more than a tenfold increase in just five years.

3) More than half of the members of the U.S. Congress are millionaires. [The wealthiest member of Congress has a minimum net worth of $167.55 million.

NOTE: Of the top Five Wealthiest Members of Congress, four are Democrats; Warner-VA, Rockefeller-WV, Harman-CA, Kerry-MA. Isaa of CA is the only Republican in the top 5.

4) The total compensation that the U.S. government workforce is going to take in this year is approximately $447 billion.

5) Today, all members of Congress earn at least $175,000. This is far, far more than the average American makes.

6) 60% of the federal government workforce is represented by labor unions.

7) The median wealth of a U.S. Senator in 2009 was $2.38 million.

8) In 2005, the U.S. Department of Defense had just nine civilians earning $170,000 or more. When Barack Obama took office, the U.S. Department of Defense had 214 civilians earning $170,000 or more. In June 2010, the U.S. Department of Defense had 994 civilians earning $170,000 or more.

9) Insider trading is perfectly legal for members of the U.S. Congress -- and they refuse to pass a law that would change that.

10) According to a recent study conducted by the Heritage Foundation, federal workers earn 30% to 40% more money on average than their counterparts in the private sector.

11) When you factor in such things as retirement and health care benefits, the compensation gap between federal workers and private sector employees gets even larger. The recent Heritage Foundation study states, "Including non-cash benefits adds to this disparity. The average private-sector employer pays $9,882 per employee in annual benefits, while the federal government pays an average of $32,115 per employee."

12) The personal wealth of members of the U.S. Congress collectively increased by more than 16% from 2008 to 2009.

Click for more shocking stats at Investing Answers

35 posted on 07/18/2011 9:44:16 AM PDT by N. Theknow (Si Ego Certiorem Faciam Mihi Tu Delendus Eris)
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To: Iron Munro
Democrats have already floated a few trial balloons on this subject to plant the idea in peoples' minds.

Actually, the first trial balloon was launched by the St. Louis Fed in a scholarly paper in 2004.

36 posted on 07/18/2011 9:46:31 AM PDT by Publius
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To: opentalk
Where are the safe havens?

PM's, food, guns and treasure chests. No I am not kidding.

37 posted on 07/18/2011 9:57:08 AM PDT by Centurion2000 (Watch what people DO, not what they say.)
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To: Maverick68

Wow wow wow, wait just a sec. How do you know the guy studied economics in college?

The money the guy says he doesn’t need, how much is the Obamas’ charity contribution? Has anyone checked?

IIRC, their ‘charity’ contributions all went to liberal/communist cause, not some ‘parent struggling ...’


38 posted on 07/18/2011 9:58:59 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: Maverick68

Did he really study economics in college?


39 posted on 07/18/2011 9:59:41 AM PDT by bushwon ("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
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To: Centurion2000

“Seriously what are you going to do when the federal government comes out and nationalizes your IRA / 401Ks? Guess what. Sure as sunrise in 2013 is it COMING.”

“Argentina Makes Grab for Pensions Amid Crisis”

“Buenos Aires economist Aldo Abram, among many other economists, wasn’t buying that argument. “They were in a tight situation and this was an accessible source of funds,” he said.”

http://online.wsj.com/article/SB122460155879054331.html


40 posted on 07/18/2011 9:59:42 AM PDT by BlatherNaut
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To: BlatherNaut
related link, Soros involvement
The Globalists’ Takeover of Argentina is a Blueprint for America

Yes, George Soros was involved in the global elites’ takeover of Argentina which de-industrialized their country, eliminated their middle class and plunged their citizens into massive starvation and unspeakable poverty.

...They stripped Argentina of its assets, sold them off to the fat-cat global elites, and they increased Argentina’s national debt through massive out-of-control government spending that could never be repaid. This took money directly out of the pockets of the people in order to put it in their own pockets, to destroy their middle class and plunge the people into poverty – and of course to set the conditions to justify placing Argentina under International Monetary Fund (IMF)/United Nations‘ (UN) control.

41 posted on 07/18/2011 10:16:55 AM PDT by opentalk
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To: opentalk

I know of a African Commie ,we do not need that needs sent back to Kenya,Somalia or where ever.


42 posted on 07/18/2011 10:23:36 AM PDT by Cheetahcat ( November 4 2008 ,A date that will live in Infamy.)
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To: opentalk

If someone asked Moochelle how much money she has that shey doesn’t need, I’d love to hear the answer.

Ditto with Nancy Pelosi

Babs Streisand

Steve Spielberg

Jeffery Immelt

Bill Gates

Chrissy Matthews

Anyone making $200,000

Andrew Breitbart- how about some ambush interviews?


43 posted on 07/18/2011 10:38:10 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: opentalk

If I want to keep all my money because I want to leave it to my kids (so they’ll never be wards of the state) is that greedy? If I want to keep it because I want to build a dormitory at my alma mater is that greedy? How about if I want to finance an archeological dig? How about if I want to donate it to my church? Or bet it on the Kentucky Derby? How is that the government’s business?


44 posted on 07/18/2011 10:45:46 AM PDT by Inwoodian
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To: opentalk

If I want to keep all my money because I want to leave it to my kids (so they’ll never be wards of the state) is that greedy? If I want to keep it because I want to build a dormitory at my alma mater is that greedy? How about if I want to finance an archeological dig? How about if I want to donate it to my church? Or bet it on the Kentucky Derby? How is that the government’s business?


45 posted on 07/18/2011 10:45:53 AM PDT by Inwoodian
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To: Inwoodian; All
There are those that when they have the POWER ... USE IT!

His job for whomever it is calling the shots that got him into the position he has, wants the destruction of America and he Obama is the ‘front’ man. Doing whatever the power behind him says to do.

Destroy America is the dream of Soros for instance.

46 posted on 07/18/2011 10:56:29 AM PDT by geologist (The only answer to the troubles of this life is Jesus. A decision we all must make.)
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To: Publius
Democrats have already floated a few trial balloons on this subject to plant the idea in peoples' minds.

"Actually, the first trial balloon was launched by the St. Louis Fed in a scholarly paper in 2004."

Interesting - thanks for the info.

Do you have an on-line reference for the St. Louis Fed paper you cited?
I tried to Google but didn't find anything.


47 posted on 07/18/2011 10:58:59 AM PDT by Iron Munro (The more effeminate & debauched the people, the more they are fitted for a tyrannical government.)
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To: Iron Munro
It's been an eternity since I scanned Fed websites for scholarly papers. It was something I liked to do in 2003 and '04 when I could.

In addition to that paper, I recall another scholarly paper from that era that suggested increasing the velocity of money by putting expiration dates on Federal Reserve Notes. This would depreciate each note based on the date of printing on a sliding scale.

The various Fed branches put academics to work writing this kind of stuff so that they don't explore dangerous ideas like the gold standard. "Idle hands are the Devil's playground."

48 posted on 07/18/2011 11:06:39 AM PDT by Publius
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To: opentalk

“related link, Soros involvement”

http://noisyroom.net/blog/2011/04/23/the-globalists%E2%80%99-takeover-of-argentina-is-a-blueprint-for-america/

Impossible to ignore the collusion.

“Could this be merely a happy coincidence for George Soros, the major financial backer of Obama’s presidential campaign who also has $811 million invested in the Brazilian oil company, Petrobras? Wasn’t it enough of a payback to Soros when the Obama Administration loaned up to $10 billion to Petrobras? Soros, with his far left-wing organization, MoveOn, is called the Godfather of world socialism.”

http://frontpagemag.com/2010/06/22/soros-oil-spill-payoff/


49 posted on 07/18/2011 11:15:09 AM PDT by BlatherNaut
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To: b4its2late
GM plant closed 2009,

(2009)Tuesday was the last day of work for most of the 1,100 workers at the General Motors Pontiac East Assembly Plant, just north of Detroit. The shutdown of the last assembly plant in what was once a central production hub of GM is part of the forced bankruptcy and restructuring of the US automaker by the Obama administration.

The factory, formerly known as Pontiac Truck & Bus, produces Chevrolet Silverado and GMC Sierra pickup trucks. It is one of 14 plants—including at least six in Michigan—that will be closed under the terms of the government restructuring, which includes eliminating 21,000 of the company’s remaining 62,000 hourly jobs by the end of next year. In addition, the company is closing 2,300 dealerships nationwide, which will affect another 100,000 workers.

The location is now empty and over run with weeds. A sad eye sore.

50 posted on 07/18/2011 12:49:11 PM PDT by opentalk
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